Yes Bank, Kotak Mahindra Bank revise FD interest rates: Check latest rates
Fixed deposits maturing in 15 days to 30 days have been raised to 2.65 percent, while term deposits maturing in 31 days to 90 days have been raised to 3.25 percent. Kotak Mahindra Bank will now offer a 3.75 percent interest rate on deposits that mature in 91 to 179 days.
Following the increase, the bank will offer a 5% interest rate on fixed deposits with maturities ranging from 180 to 363 days. It will offer 5.25 percent for FDs with a one-year term. For a tenure of 365 days to 389 days, the bank will now offer 5.75% after the hike.
Fixed deposits with maturities between 390 days to 3 years will now fetch an interest rate of 5.85 percent, while term deposits with maturities between 3 years to 10 years will continue to get 5.90 percent.
FD interest rates
Yes Bank has revised interest rates on fixed deposits under Rs 2 crore, according to the bank’s website. The new rates will be effective from August 10, 2022.
The bank will pay interest on deposits held for seven to fourteen days at a rate of 3.25 percent, and interest on deposits held for fifteen to forty-five days will earn 3.70 percent. For deposits maturing in 46 days to 90 days the interest rate is 4.10 percent and 4.75 percent for deposits maturing in 3 months to less than 6 months. For deposits between 9 months and one year, the bank will offer 5.75 percent interest.
Yes Bank will now offer a 6.25 percent interest rate on deposits with maturities of one year to less than 18 months. The bank has revised the interest rate on term deposits maturing in 18 months to less than 3 years and 3 years to less than 10 years to 6.75 percent.
Yes Bank premature penalty
According to the Yes Bank website, it has increased the penalty amount on premature FD withdrawals with effect from August 8, 2022.
The following penalties will be levied as of August 8:
If the duration of the FD (Completed) is fewer than 181 days, a penalty of 0.50% (up from 0.25%) will be assessed.
If tenure is 182 days or longer, there will be an increase in the penalty to 0.75% from 0.50%. It should be noted that Yes Bank does not charge an early penalty to its senior citizens.